Where we took profits and losses in 2023

- 27 December 2023

2023 was a big year in the financial markets. Global stock markets have outperformed expectations, avoiding a feared recession in the US and showcasing resilience in the Australian economy (among developed economies) amidst aggressive rate hikes. The UK and Japan displayed economic resilience, while China faced concerns, leading to mixed economic data. Hong Kong and Chinese stocks declined, with the Hang Seng index down 16% year-to-date.

The impact of inflation and interest rates took centre stage with central banks adjusting policies to mitigate economic downturn risks. We also made big moves into sectors from fossil fuels, uranium, and gold. The commodities space faced challenges, particularly in lithium, nickel, and copper. That said, we made efforts to improve the composition of the portfolio by trimming exposures in some sectors.

In 2023, we published 13 sell or sell-half recommendations, with 7 seeing decent to impressive gains and the remainder regist...